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Metals and Mining

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  • *Shanghai nickel tumbles 5 pct to hit daily floor. SINGAPORE, May 20- London nickel futures dropped to their lowest in nearly a month on Wednesday and those in Shanghai slid 5 percent amid abundant supply that could keep prices under pressure. "Without support from the demand side, nickel prices will fall further," said Peter Peng, analyst at CRU Group in Beijing.

  • METALS-Nickel hits one-month low as stockpiles surge Tuesday, 19 May 2015 | 8:53 PM ET

    SINGAPORE, May 20- London nickel futures dropped nearly 2 percent early on Wednesday, down for a third session and trading at their lowest in nearly a month after inventories hit a record high. Nickel inventories at London Metal Exchange warehouses jumped to 444,936 tonnes, reflecting sluggish global demand and dashing expectations the market would face...

  • Rio Tinto, Mongolia end stand-off to build copper mine Tuesday, 19 May 2015 | 8:23 PM ET

    Mongolia and Rio Tinto have reached an agreement paving the way for work to resume on a stalled $5 billion underground copper mine.

  • MONTREAL, May 19- A worker at Rio Tinto's Fer et Titane unit died after being injured at its facility at Sorel-Tracy in the Canadian province of Quebec, the global mining company said on Tuesday. The Fer et Titane unit is part of Rio Tinto Iron& Titanium, which produces about 19 percent of the world's supply of titanium dioxide from its operations in Quebec, South...

  • RIO DE JANEIRO, May 19- Brazilian miner Vale said on Tuesday it agreed to sell four large iron ore carriers to China Merchants Energy Shipping Co, as it looks to raise cash in the midst of an iron ore price slump. In a separate statement on Tuesday, the miner said it had completed the sale of four other large iron ore carriers to China Ocean Shipping Company, which was...

  • LONDON, May 19- Nickel prices posted their biggest one-day fall in a year on Tuesday after inventories jumped to a record high, accentuating an overhang of supplies weighing on the market. Before the nickel price can rise sustainably, there's a need to see lower LME stockpiles, "said analyst Daniel Briesemann at Commerzbank in Frankfurt. LME nickel inventories...

  • *China copper consumption seen up over 5 pct in H2. Three month nickel on the London Metal Exchange fell 2.6 percent to $13,400 a tonne by 0935 GMT, the biggest one-day percentage decline since April 7, after shedding 1.5 percent in the previous session. Before the nickel price can rise sustainably, there's a need to see lower LME stockpiles, "said analyst Daniel...

  • *Bellwether project seen reviving investment in Mongolia mining. ULAN BATAAR/ MELBOURNE, May 19- Mongolia and Rio Tinto have reached an agreement paving the way for work to resume on a stalled $5 billion underground copper mine that is expected to drive growth for both the country and the global miner. The Oyu Tolgoi project, which started producing from an open...

  • *Rio Tinto, Mongolia agree on delayed $5 bln copper mine. SINGAPORE, May 19- Copper retreated on Tuesday as the dollar firmed, although hopes of Chinese demand recovering in the second half of the year capped losses while investors waited for more clues on economic conditions in the top consumer of the metal. Weakness in both the U.S. and Chinese economies has kept a...

  • Tracking the plunge in iron ore prices   Tuesday, 19 May 2015 | 12:19 AM ET
    Tracking the plunge in iron ore prices

    Negative sentiment remains in the iron ore markets due to expectations of more supply coming, says Annalisa Jeffries, associate editorial director, Asia Metals at Platts.

  • *Bellwether project seen reviving investment in Mongolia mining. SYDNEY, May 19- Mongolia and Rio Tinto have reached an agreement paving the way for work to resume on a delayed $5 billion underground copper mine that is expected to underpin the growth prospects of both the country and the global miner. The Oyu Tolgoi project, which started producing from a $6.5...

  • SAO PAULO, May 18- Brazilian steelmaker Usiminas will turn off two of its furnaces to reduce pig iron production by 120,000 tonnes per month and adapt the operation to lower demand in the steel market, the company said on Monday.

  • LIMA, May 18- Some mining unions in Peru took part in a national strike on Monday but plans for a wider stoppage were upended at several large mines because workers feared losing their jobs and companies resorted to replacement labor. Iron output from the Peru unit of Shougang Group Co Ltd had been halted as workers downed tools, said union leader Julio Ortiz.

  • Wyoming governor pushes coal ports on Northwest trip Monday, 18 May 2015 | 1:37 PM ET

    CHEYENNE, Wyo.— Faced with sliding domestic demand for coal, the governor of Wyoming has kept pressing for access to deep-water ports in the Northwest that would allow exports to Asian markets. Jay Inslee in Olympia and plans to meet Tuesday with Oregon Gov. The stakes are high for Wyoming— the nation's leading coal-producing state— to find new markets.

  • Investors eye battered miners as BHP spin-off trades Monday, 18 May 2015 | 12:01 PM ET

    As BHP Billiton's spin-off begins trading, investors are eyeing the battered mining sector for longer-term opportunities.

  • Open-pit gold mine collapse in Guyana traps 10 miners Monday, 18 May 2015 | 11:33 AM ET

    GEORGETOWN, Guyana— An open-pit gold mine in remote southern Guyana has collapsed and buried up to 10 miners in debris. The collapse occurred Sunday in the densely forested Potaro-Siparuni Region near the border with Brazil. Miners Association President Patrick Harding said recent heavy rains have made the work especially treacherous.

  • NEW YORK, May 18- CME Group Inc said on Monday it would launch a zinc futures contract next month, stepping up a global battle for metals market share with the London Metal Exchange amid expanding Asian markets. The statement did not explain JPMorgan's role in the zinc contract. "We're pleased that CME Group has responded swiftly and decisively to industry...

  • *Mining's biggest listing since Glencore in 2011. SYDNEY, May 18- BHP Billiton's spin-off South32 began trading with a market value of about $9 billion on Monday, a third below the highest forecasts and underlining investor nerves about the outlook for the battered mining sector. The cautious response to mining's biggest listing since Glencore Plc in 2011...

  • *Issues sell recommendations on BP and Statoil. May 18- Goldman Sachs has cut its long-term crude oil price forecasts and recommended investors sell shares in two major oil companies, saying that improved U.S. shale efficiency and higher production from OPEC will more than cover future demand. The U.S. investment bank's equities team, in a note published on...

  • KUALA LUMPUR, May 18- Tokyo Gas Co Ltd, Japan's biggest gas utility, is looking to invest in more U.S. shale gas production as a hedge to liquefied natural gas imports from the United States to start next year, a company executive said on Monday. The company has inked contracts to buy 1.9 million tonnes per year of LNG from U.S. producers and aims to invest in an equal...